Index nudged higher by retail optimism

The Australian share market is trading marginally higher, with a good earnings report from electronics retailer JB Hi-Fi boosting retail stocks.

At 1400 AEDT on Monday, the benchmark S&P/ASX200 index was up 1.4 points, or 0.03 per cent, at 4972.7 points, while the broader All Ordinaries index had lifted 3.4 points, or 0.07 per cent, to 4992.4 points.

On the ASX 24, the March share price index futures inched forward one point to 4936 points, with 10,848 contracts traded.

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“I suppose we’ll probably see a little bit of consolidation just hanging around these levels until we start seeing some of the big names come out, like Commonwealth Bank on Wednesday."

At 1350 AEDT, JB Hi-Fi had surged $1.72, or 15.67 per cent, to $12.74 after reporting its first-half net profit had risen 3 per cent to $82 million.

Elsewhere in the retail sector, Myer Holdings was 7¢ richer at $2.66, and David Jones had advanced 9¢ to $2.72.

Insurance Australia Group (IAG) dipped 3¢ to $5.16 after it said about 14,300 claims related to ex-tropical cyclone Oswald and bushfires in NSW, Victoria and Tasmania could cost the company up to $175 million.

Share market operator ASX firmed 18¢ to $36.13. ASX will retain its dominance of processes behind share sales after the federal government put off for two years a decision to consider new competitors.

Among the major banks, National Australia Bank added 31¢ to $29.33, Commonwealth Bank put on 34¢ at $65.17, Westpac firmed 3¢ to $28.11, but ANZ backtracked 27¢ to $27.85.

In the resources sector, global miner BHP Billiton lost 16¢ to $37.79, and Rio Tinto dumped 27¢ to $69.33.